Colecciones Institucionales

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A class of antipersistent processes
(WILEY, 2007) Bondon, Pascal; Palma, Wilfredo
We introduce a class of stationary processes characterized by the behaviour of their infinite moving average parameters. We establish the asymptotic behaviour of the covariance function and the behaviour around zero of the spectral density of these processes, showing their antipersistent character. Then, we discuss the existence of an infinite autoregressive representation for this family of processes, and we present some consequences for fractional autoregressive moving average models.
A COMPOUND OPTION MODEL OF PRODUCTION AND INTERMEDIATE INVENTORIES
(UNIV CHICAGO PRESS, 1993) CORTAZAR, G; SCHWARTZ, ES
This article extend the option approach to valuing real assets by modeling the firm as a two-stage process with bounded output rates in which the output of the first stage may be held as work-in-process. In this setting, the real asset becomes a compound option. which, if exercised, gives the option to finish the work-in-process and sell the output as its final payoff. The existence of intermediate inventories may arise as an optimal investment strategy for exploiting possible future price increases. The framework allows us to analyze the effect of uncertainty on output rates and the effect of interest rates changes on inventory levels.
A DIAGONAL HYPERBOLIC SYSTEM FOR MAPPINGS WITH PRESCRIBED PRINCIPAL STRAINS
(ACADEMIC PRESS INC JNL-COMP SUBSCRIPTIONS, 1993) GEVIRTZ, J
A Novel Offsite Construction Method for Social Housing in Emerging Economies for Low Cost and Reduced Environmental Impact
(MDPI, 2023) Tapia Reed, Danilo Alejandro; González Hormazábal, Marcelo Andrés; Vera Araya, Sergio Eduardo; Aguilar, Carlos
Offsite construction methods have shown many advantages over traditional construction techniques, especially related to efficiency and productivity during the construction phase. Nevertheless, offsite construction generally involves oversizing the internal structure of the modules due to the internal stresses produced during transport and lifting operations, producing an increase in material usage, direct cost, and carbon footprint. In developing countries, the direct cost of social housing is the most important factor determining the feasibility of construction. For this reason, oversizing the internal structure of the modules can play an important role in the adoption of a modern construction technique such as offsite construction systems. In order to solve this issue, a temporary reusable stiffener structure is proposed to allow an economical offsite construction system using a lightweight steel framing structure used in traditional methods. The reusable structure was designed using a finite element method, and the direct cost and carbon footprint of the structure were evaluated. The results show that the proposed construction strategy allows for a low cost and reduced environmental impact due to a lower usage of materials in the modules and the possibility of a circular economy approach to the reusable structure.
A semiparametric approach to estimate two seasonal fractional parameters in the SARFIMA model
(2014) Reisen, V.; Zamprogno, B.; Palma M., Wilfredo; Arteche, J.
A Two-Level Theory of Presidential Instability
(CAMBRIDGE UNIV PRESS, 2014) Luna, Juan Pablo; Murillo, Maria Victoria; Schrank, Andrew
This article analyzes the conditions that facilitate the ousting of Latin American presidents and the mechanisms that prevent their downfall. Drawing lessons from the impeachment of Paraguayan president Fernando Lugo, it extends previous arguments about the "legislative shield" to show that the same forces that sometimes conspire to terminate an administration at other times work to resist its demise. The argument underscores the interaction between legislators and social movements, two prominent actors in the literature on presidential instability. The article presents a two-level theory to identify possible configurations of mass and legislative alignments, and tests some implications of the theory with data for 116 Latin American presidents over 28 years. Multiple comparison tests based on random effects logistic models show that popular protests can be neutralized by strong support in Congress, and hint at the possibility that legislative threats can be neutralized by loyal demonstrators in the streets.
Adulthood employment trajectories and later life mental health before and after the onset of the COVID-19 pandemic
(MDPI, 2022) Cabib Madero, Ignacio Andrés; Budnevich Portales, Carlos; Azar Denecken, Ariel Ricardo
Background: This life course study has two aims. First, to explore how diverse employment trajectories across adulthood are related to older people's mental health in Chile, a country with no research in this field, and second, to analyze these associations before and after the onset of the COVID-19 pandemic. Methods: We use data from the nationally-representative and longitudinal 'Chilean Social Protection Survey' sequence analysis to reconstruct employment trajectory types, and bivariate and multivariate analyses to measure their association with depressive symptoms. Results: Our findings indicate that formal labor force patterns in adulthood show the lowest burden of depressive symptomology before and after the onset of the overwhelming COVID-19 pandemic when controlling for traditional risk factors. Conclusion: We emphasize that policymakers in both the labor market and public health domains must consider the relationship between informal employment pathways in adulthood and poorer mental health in old age. Public policies should improve the conditions and quality of jobs during adulthood and promote more formalization in the labor market to address the high uncertainty involving low social protection, which is strongly associated with severe mental health problems in later life.
All that glitters is not gold: a ranking of global rankings
(2020) Díaz, E.; Valdés, Rodrigo O.
An examination of the discount rate
(FONDO CULTURA ECONOMICA, 2005) Zurita, F
The choice of an appropriate discount rate is of major importance in cost-benefit analysis both, at the private and at the social levels. The theories that rationalize. the NPV criterion also identify the appropriate rate. However, the question remains as to what should be done when the environment where the project is under appraisal does not accommodate well to the one described by the theory. This essay puts forward the idea that generally speaking, when there is no obvious rate to pick the NPV criterion lacks normative value.
An N-factor Gaussian model of oil futures prices
(JOHN WILEY & SONS INC, 2006) Cortazar, G; Naranjo, L
This article studies the ability of an N-factor Gaussian model to explain the stochastic behavior of oil futures prices when estimated with the use of all available price information, as opposed to traditional approaches of aggregating data for a set of maturities. A Kalman filter estimation procedure that allows for a time-dependent number of daily observations is used to calibrate the model. When applied to all daily oil futures price transactions from 1992 to 2001, the model performs very well, requiring at least three factors to explain the term structure of futures prices, but four factors to fit the volatility term structure. The model also performs very well for daily copper futures transactions from 1992 to 2001 and for out-of-sample daily oil futures transactions from 2002 to 2004. (c) 2006 Wiley Periodicals, Inc.
Análisis del funcionamiento del mercado de los derechos de aprovechamiento de agua e identificación de sus problemas
(1999) Donoso H., Guillermo
Analysis of the correlation structure of square time series
(WILEY, 2004) Palma, W; Zevallos, M
This paper analyses the asymptotic behaviour of the autocorrelation structure exhibited by squares of time series with a Wold expansion where the input error is a sequence of random variables with mean zero and finite kurtosis. Two important cases are discussed: (i) when the errors are independent and, (ii) when the errors are uncorrelated but their squares are correlated. Both situations are addressed when the process exhibits short or long memory. Consequences of these results on certain models widely used in many disciplines are also discussed.
Analytic Mean-Field Charge-Density-Wave Solution At Nu=1/3: Composite-Fermion-Like Subbands and Correlation Effects
(2004) Cabo, A.; Claro Huneeus, Francisco
Anclaje de expectativas y las respuestas de la economía ante shocks
(2022) Hederra Huerta, Nicolás; Turén, Javier; Vicondoa Ramos, Alejandro Martín; Pontificia Universidad Católica de Chile. Instituto de Economía
Entender cómo y cuánto afecta el anclaje de expectativas de la inflación en la economía es crucial para la política monetaria. Este trabajo revisa la importancia del anclaje de expectativas de inflación de largo plazo. Usando una encuesta se construye un índice de anclaje de expectativas para Chile y se estudian las respuestas de variables macroeconómicas ante shocks de tasa de política monetaria interna y externa, y de precios de commodities, condicionando el estado del anclaje de expectativas. Se encuentra que, cuando las expectativas están ancladas las variables macroeconómicas no tienen ningún cambio o este no es persistente, y además, cuando las expectativas están desancladas las variables nominales son las que tienen un mayor cambio ante los shocks, en comparación con las variables reales.
Are the effects of uncertainty shocks big or small?
(2023) Alessandri, Piergiorgio; Gazzani, Andrea; Vicondoa, Alejandro
Previous works have reached widely divergent conclusions on the macroeconomic relevance of uncertainty shocks. We show that this disagreement reflects identification problems linked to the use of financial data in low-frequency VAR models. To bypass this difficulty, we identify uncertainty shocks using daily data and use their monthly averages as instruments in VARs. This novel identification approach captures within-month interactions between uncertainty and asset prices, providing a full picture of the pivotal role of financial markets in propagating uncertainty to the real economy. Once these interactions are accounted for, the disagreement disappears: uncertainty shocks have a small but significant impact on economic activity across specifications and identification schemes.
Assessing inflation targeting after a decade of world experience
(JOHN WILEY & SONS LTD, 2001) Corbo, V; Landerretche, O; Schmidt Hebbel, K
Ten years of inflation targeting worldwide provide valuable lessons. Inflation targeters (ITers) have been very successful in meeting their inflation targets (ITs). Industrial output sacrifice during inflation stabilization and industrial output volatility has frequently been lowered after IT adoption. ITers have consistently reduced inflation forecast errors after IT adoption. The influence of price and output shocks on the behaviour of inflation and output gaps has changed much more strongly among ITers than in non-targeting industrial countries in the course of the 1990s. IT has played a role in strengthening the effect of forward-loo king expectations on inflation, hence weakening the weight of past inflation inertia. Central bankers' aversion to inflation is, on average, not different among ITers in comparison to NITers but has risen in emerging-country ITers. ITers have gradually reaped a credibility gain, allowing them to achieve their targets with smaller changes in interest rates in the late 1990s than the changes that were required in the early 1990s. Copyright (C) 2001 John Wiley & Sons, Ltd.
Assessing influence in Gaussian long-memory models
(ELSEVIER SCIENCE BV, 2008) Palma, Wilfredo; Bondon, Pascal; Tapia, Jose
A statistical methodology for detecting influential observations in long-memory models is proposed. The identification of these influential points is carried out by case-deletion techniques. In particular, a Kullback-Leibler divergence is considered to measure the effect of a subset of observations on predictors and smoothers. These techniques are illustrated with an analysis of the River Nile data where the proposed methods are compared to other well-known approaches such as the Cook and the Mahalanobis distances. (c) 2008 Elsevier B.V. All rights reserved.
Asset fire sales in equity markets: Evidence from a quasi-natural experiment
(2017) Larraín, Borja; Muñoz, D.; Tessada Pinto, José Antonio
Association between informal employment and depressive symptoms in 11 urban cities in Latin America
(ELSEVIER SCI LTD, 2022) Huynh, Tran B.; Oddo, Vanessa M.; Trejo, Bricia; Moore, Kari; Quistberg, D. Alex; Kim, Jannie J.; Diez-Canseco, Francisco; Vives, Alejandra
Background: Mental health is an important contributor to the global burden of disease, and depression is the most prevalent mental disorder in Latin America and the Caribbean (LAC). Informal jobs, often characterized by precarious working conditions, low wages, and limited employment benefits, are also highly prevalent in LAC and may be associated with poorer mental health. Our study tests the association between informal employment and major depressive symptoms in LAC cities.Methods: We used individual-level data collected by the Development Bank of Latin America via their "Encuesta CAF" (ECAF) 2016, a cross-sectional household survey of 11 LAC cities (N = 5430). Depressive symptoms were measured using the 10-item Center for Epidemiologic Studies Short Depression Scale with possible total score ranging from 0 to 30. Scores were dichotomized, with a score > 16 indicating the presence of major depressive symptoms. Informal employment was defined based on self-reported lack of contribution to the social security system. We used generalized estimating equation (GEE) log-binomial models to estimate the association between informal employment and depressive symptoms overall and by gender. Models were adjusted for age, education, and household characteristics.Results: Overall, individuals employed in informal jobs had a 27% higher prevalence of major depressive symptoms (Prevalence Ratio [PR]: 1.27; 95% Confidence Interval [CI]: 1.00, 1.62) compared to those in formal jobs. The prevalence of depressive symptoms among individuals with informal jobs was higher compared to those with formal jobs in both women (PR: 1.36, 95% CI: 1.06, 1.74) and men (PR: 1.22; 95% CI: 0.90, 1.65).Conclusions: Informal employment in LAC was associated with a higher prevalence of major depressive symptoms. It is important to develop policies aiming at reducing informal jobs and increasing universal social protection for informal workers.
Association between maternity leave policies and postpartum depression: a systematic review
(Springer, 2023) Hidalgo-Padilla, Liliana; Toyama, Mauricio; Hanae, Jessica; Tanaka, Zafra; Vives Vergara, Alejandra; Diez-Canseco, Francisco; CEDEUS (Chile)
Purpose: Working mothers are at greater risk for postpartum depression. Maternity leave characteristics, including length, wage replacement and employment protection, could have relevant implications for mothers’ mental health. We propose to explore whether there is an association between maternity leave characteristics and postpartum depression. Methods: We conducted a systematic review searching for randomized controlled trials, quasi-experimental, cohort or cross-sectional studies on five databases using search terms including maternity and parental leave and depression, as well as references in relevant articles. We identified 500 articles and included 23 of those. We used the EPHPP Quality Assessment Tool for Quantitative Studies to assess the quality of the studies. Results: Paid and longer maternity leaves tend to be associated with a reduction of postpartum depression symptoms in high-income countries. No studies explored the association between employment protection and postpartum depression. The quality of studies ranged from strong to weak, mostly influenced by study design. Conclusion: More restrictive maternity leave policies tend to be associated with higher rates of postpartum depression, although more research needs to be conducted in the Global South.

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